The Funeral and Individual life business unit combines the management of the Individual life and Funeral insurance portfolios of a.s.r. and, since 4 July 2023, the Individual Life portfolio of Aegon NL. The aim is to complete the integration of Aegon NL Life within three years. In recent years, a great deal of experience has been gained in setting up efficient operations with a single IT platform. During the process of the integration of the Aegon NL Individual life portfolio, the company will benefit in the coming years from the experience gained with the rationalisation and conversion of life insurance portfolios.

The strategic objectives remain focused on:

• The provision of good customer service, digitally as much as possible;

• The realisation of stable results for these (partially) closed portfolios;

• Smooth integration of Aegon NL business.

Market

The Dutch market for Funeral and Individual life insurance has seen major consolidation in recent years. In GWP terms, a.s.r. holds a top two position with the combined Aegon NL and a.s.r. Individual life insurance portfolio and a top three position for Funeral insurance. a.s.r. held a market share of 16,6% in new production of Funeral insurance, a slight increase in comparison with the preceding year (15,4%). Term life insurance is the only individual life product that a.s.r. actively sells.

Products

In September 2023, a.s.r. replaced the Ardanta label and offers funeral insurance under the a.s.r. brand. The rebranding and a reduction in premiums for funeral insurance from 1 January 2024 (as a result of interest rate developments in 2023) contribute towards the improvement of a.s.r.’s competitive position. In addition, unique selling points, such as the free choice of undertaker and the guaranteed premium for the entire term also add to the products’ attractiveness.

Strategy and achievements

The rebranding of Ardanta was an extensive project for Funeral insurance. The first group of customers (more than 1 million insured parties) was informed in October 2023. Further steps were also taken in the long-term digitisation programme.

The NPS-c measures customers satisfaction during contact moments, please refer to the result in the graph. For Funeral and Individual life, see the graphs below.

Outlook for 2024

Together with retaining customer satisfaction, the integration of the organisations and the Individual life portfolios of a.s.r. and Aegon NL is the most important objective for the coming years.

Following an analysis and rationalisation of the Aegon NL portfolio, the conversions to the a.s.r. target platform are planned for 2025. This migration and rationalisation lead to benefits of scale and efficiency improvements. The focus remains on keeping the costs variable and maintaining customer satisfaction during the transition.

In addition, a.s.r. continues to work on further digitisation of customer processes under the motto ‘Digital if possible, personal if necessary’. In 2024, a.s.r. will be focusing on the claims process in Funeral insurance, including new portals for the undertakers with which a.s.r. collaborates.